La Confluencia hydro project accredited to issue and trade in carbon credits
9 May 2011
Pacific Hydro and SN Power, through its joint venture Tinguiririca Energia, this week announced that its La Confluencia run of river hydro project in Chile has been successfully registered under the Kyoto Protocol’s Clean Development Mechanism (CDM) to issue and trade in carbon credits.
“We are pleased to announce our 158MW La Confluencia run of river hydro project received confirmation from the CDM Executive Board of the United Nations Framework Convention on Climate Change of the project’s registration”, said Pacific Hydro Chief Executive Officer, Rob Grant.
La Confluencia is Pacific Hydro’s second run of river hydro project to begin operating in Chile over the last 12 months and produces enough clean and renewable energy to power in excess of 450,000 Chilean homes. Its CDM registration is an achievement that adds to the certification of the company’s 155MW La Higuera project in 2006, Chile’s first run of river hydro project to receive CDM registration.
Both projects are helping to meet Chile’s strong increase in electricity demand, without increasing emissions. La Confluencia’s CDM registration allows the creation of around 425,000 carbon credits annually, which can be traded on international carbon markets, and the amount of CO2 avoided by its operations is equivalent to taking around 120,000 vehicles off the road.
Pacific Hydro has in excess of 3,000 megawatts of renewable energy projects at varying stages of development, construction and operations in Australia, Brazil and Chile. The company’s current operating wind farms and hydro plants abate an estimated 1.5 million tonnes of greenhouse gas pollution every year.